MIRA INFORM REPORT

Report Date :

09.08.2014

IDENTIFICATION DETAILS

Name :	LAFBART INNOVATIONS & CONSULTING LTD

Registered Office :	2, Lafbart Automobile Rd, Behind Automart/NNPC Megastation, Ilesha Owo Expressway, Akure, Ondo State

Country :	Nigeria

Date of Incorporation :	21.04.2009

Legal Form :	Limited Corporation

Line of Business :	Registered to operate as a engineering and consultancy firm dealing with automotive, procurement, construction, installation and commissioning of multidisciplinary projects

No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Nigeria

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

NIGERIA - ECONOMIC OVERVIEW

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power

Source : CIA

SUBJECT'S NAME

Registered Name:	LAFBART INNOVATIONS & CONSULTING LTD
Requested Name:	LAFBART INNOVATIONS & CONSULTING LTD
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	2, Lafbart Automobile Rd, Behind Automart/NNPC Megastation, Ilesha Owo Expressway, Akure, Ondo State
Country:	Nigeria
Phone:	234-8033110035/7089160169
Fax:	234-8033110035
Email:	info@lafbartinnovations.com
Website:	www.lafbartinnovations.com

LEGAL

Legal Form:	Limited Corporation
Date Incorporated:	21-April-2009
Reg. Number:	Nigeria
Nominal Capital	NGN. 1,000,000
Subscribed Capital	NGN. 1,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Mr. Olufemi Olafunmiloye	CEO/MD
Ms. Esther Olagidi	Sales

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm

OPERATIONS

Registered to operate as a engineering and consultancy firm dealing with automotive, procurement, construction, installation and commissioning of multidisciplinary projects
Imports:	Asia, UK
Exports:	None
Trademarks:	None
Terms of sale:	Cash (60%) and 25-90 days (40%), invoices.

Main Customers:	firms and organizations
Employees:	30 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Nigeria
Location:	Rented premises, 10,000 square feet,

AUDITORS AND INSURANCE

Auditors:	Information not available.
Insurance Brokers:	Information not available.

FINANCE

Currency Reported:	Nigerian Naira (NGN.)
Approx. Ex. Rate:	1 US Dollar = 162.67 Nigerian Naira
Fiscal Year End:	December 31, 2013
Inflation:	According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

Financial Information not Submitted


Profit and Loss (expressed in NGN.)
		2013
Sales		220,000,000

BANK

Bank Name:	Union Bank of Nigeria
Branch:	Nigeria
Comments:	None

TRADE REFERENCES

Experiences:	Good


NOTARIAL BONDS	None
_______________________________________________________________________

COMMENTS / ADDITIONAL INFORMATION

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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